UPDATE: Morgan Stanley Reiterates On Santander Consumer USA on Multiple Positive Factors

In a report published Monday, Morgan Stanley analyst Cheryl M. Pate reiterated an Overweight rating on

, and raised the price target from $29.00 to $30.00. In the report, Morgan Stanley noted, “SC reported strong results in its first quarter as a public company, with higher than expected origination volumes and top line, and better than forecast efficiency. While the reserve build was above expectations, we believe provisions will more closely match charge offs going forward, and the reserve ratio will remain around the 11% level.” Santander Consumer USA closed on Friday at $22.50.